Penn Traffic Takes Hit on Failed Acquisition

Penn Traffic here on Friday said it had incurred a cost of $4.8 million during the fiscal year that ended Feb. 2 pursuing an acquisition that did not materialize.

SYRACUSE, N.Y. — Penn Traffic here on Friday said it had incurred a cost of $4.8 million during the fiscal year that ended Feb. 2 pursuing an acquisition that did not materialize. The company made the disclosure in reporting financial results for the fourth quarter and year as it seeks to return to a more regular reporting schedule following its 2003 bankruptcy filing. An investor on the conference call asked if the proposed acquisition was related to the Tops chain, which was sold last year

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